Posted on: March 07, 2016

Author: ATB Business & Agriculture

You're ready to dive in and become a franchisee. This advice will help you succeed.

Work with the franchisor and make use of all their resources.

Effective two-way communication between you and the franchisor will ensure a successful relationship and, as a result, a successful franchise.

The franchisor will offer initial and ongoing training such as classes, webinars and manuals. Make use of all these resources to stay ahead.

Reach out to other franchisees in the system.

The Franchise Disclosure Document will include a list of current franchisees in the system. Reach out to one—or a few—of these individuals to learn from them and gain valuable advice.

Maintain an active role in your franchise location and its operations.

You are not just a franchise owner—you are an entrepreneur. In order to become a successful franchisee, you have to build the groundwork: an effective management team, proper procedures, and knowledge of day-to-day operations.

Get involved in your community.

As a new business in the community, it’s important to show your dedication and commitment through joining the local chamber of commerce, supporting community events, and volunteering. The more involved you are in the community, the more likely community members will support your business and help you grow.

Stay on top of your business and financials year-round.

The health and success of your franchise is largely tied to the health of your financials. With your franchise accountant, keep track of your revenues, expenses, sales performance and cash flows on a regular basis to ensure you don’t miss anything.